SINGAPORE, May 7, 2019 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the
"Company") announced today the sale by its indirect subsidiary
Venture Delta Limited ("VDL") of 4,782,764 of VDL's 10,122,667
voting shares held in Thakral Corporation Ltd
("Thakral").
Pursuant to the voluntary conditional cash partial offer (the
"Partial Offer") made on March 4,
2019 by W Capital Markets Pte. Ltd. for and on behalf of
Prime Trade Enterprises Limited (the "Offeror"), to acquire
26,510,000 ordinary shares in the issued and paid-up share capital
of Thakral (the "Offer Shares"), VDL tendered an aggregate of
4,782,764 shares in Thakral to the Offeror, comprising:
i. VDL's acceptance of the Partial
Offer of 28.9 per cent of VDL's shares in Thakral (comprising
2,925,450 shares) ("Relevant Percentage Offer Shares"); and
ii. the shares tendered by VDL in
excess to the Relevant Percentage Offer Shares and accepted by
Offeror under the Partial Offer (comprising 1,857,314 shares)
("Excess Shares"),
(the Relevant Percentage Offer
Shares and Excess Shares collectively referred to as "VDL Total
Tendered Shares").
The cash consideration of S$0.50
per share under the Partial Offer amounts to a total consideration
of S$2,391,382 for the 4,782,764 VDL
Total Tendered Shares. The transfer of the VDL Total Tendered
Shares to the Offeror was completed on April
30, 2019. VDL has consequently ceased to be a substantial
shareholder of Thakral, with VDL's direct interest in Thakral
reducing from 7.74% before the transaction to 4.08% after the
transaction.
About China Yuchai International
China Yuchai International Limited, through its subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the
manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger
vehicles, construction equipment, marine and agriculture
applications in China. GYMCL also
produces diesel power generators. The engines produced by GYMCL
range from diesel to natural gas and hybrid engines. Through its
regional sales offices and authorized customer service centers, the
Company distributes its engines directly to auto OEMs and retailers
and provides maintenance and retrofitting services throughout
China. Founded in 1951, GYMCL has
established a reputable brand name, strong research and development
team and significant market share in China with high-quality products and reliable
after-sales support. In 2018, GYMCL sold 375,731 engines and
is recognized as a leading manufacturer and distributor of engines
in China. For more information,
please visit http://www.cyilimited.com.
Safe Harbor Statement
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe", "expect", "anticipate", "project",
"targets", "optimistic", "confident that", "continue to",
"predict", "intend", "aim", "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
including, but not limited to, statements concerning the Company's
operations, financial performance and condition are based on
current expectations, beliefs and assumptions which are subject to
change at any time. The Company cautions that these statements by
their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors
such as government and stock exchange regulations, competition,
political, economic and social conditions around the world and in
China including those discussed in
the Company's Form 20-Fs under the headings "Risk Factors",
"Results of Operations" and "Business Overview" and other reports
filed with the Securities and Exchange Commission from time to
time. All forward looking statements are applicable only as of the
date it is made and the Company specifically disclaims any
obligation to maintain or update the forward-looking information,
whether of the nature contained in this release or otherwise, in
the future.
For more information, please contact:
Kevin Theiss
Tel: +1-212-521-4050
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited